A consortium of banks is set to seize and auction the assets of the Produce Buying Company (PBC) in a bid to recover debts exceeding GH¢300 million.

The move follows a decision by the Accra High Court on March 10, 2026, to dismiss an application for a stay of execution filed by PBC, clearing the way for the banks to proceed with the judicial sale of the company’s assets.

In the coming weeks, several buildings, operational facilities, vehicles, and other assets belonging to PBC could be auctioned to settle the outstanding debt, which is estimated to surpass GH¢300 million when accumulated interest and charges are included.

This development stems from an attachment order obtained in 2024 by six banks — Agricultural Development Bank (ADB), CalBank, Bank of Africa, GCB Bank, Universal Merchant Bank, and United Bank for Africa — after PBC failed to honour its debt obligations despite an earlier judgment in the banks’ favour in October 2023.

The courts granted the banks the right to attach and sell PBC’s assets to recover the debt. PBC subsequently sought a stay of execution to halt the process, but the court dismissed the request on March 10, 2026, allowing the asset sale to proceed.

Experts warn that the planned auction could have significant implications for Ghana’s cocoa sector if government intervention is not forthcoming.

Meanwhile, the Minister for Finance Dr Cassiel Ato Forson recently announced plans to revive PBC. “State-owned Produce Buying Company will be revived to resume full operations and become the leading licensed buying company in the cocoa sector with immediate effect,” he stated on February 12, 2026.

The revival comes at a critical time, with Licensed Buying Companies (LBCs) reportedly owed about GH¢2.04 billion by the Ghana Cocoa Board (COCOBOD), leaving some cocoa farmers unpaid since November 2025.